Russian fraud suit restrained but West Tankers stands
Otkritie bank was Russia's largest private lender before regulators took it over last year
An English court has restrained a recently nationalised Russian bank from pursuing a US$600 million fraud claim through litigation in Moscow rather than in LCIA arbitration, while ruling it has no power to enjoin related court proceedings in Cyprus because the European Court of Justice’s decision in West Tankers still applies.
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